Grande Portage Resources Launches Busy Summer Season with 2026 Drill Program at the New Amalga Gold Project
Rhea-AI Summary
Grande Portage Resources (OTCQX:GPTRF) began its 2026 drill program at the New Amalga Gold Project near Juneau, Alaska. Up to 4,300 meters in 14 holes will focus on resource definition plus geotechnical and hydrogeological work to support environmental review, permitting and mine design.
The project hosts an Indicated Resource of 1,438,500 oz gold at 9.47 g/t and an Inferred Resource of 515,700 oz gold at 8.85 g/t. A February 11, 2026 PEA outlines after-tax NPV5 of US$721m and IRR of 56% at US$3,200/oz gold, with offsite processing to reduce site footprint.
Positive
- 2026 drill program of up to 4,300 meters in 14 holes underway
- Approved Plan of Operations from US Forest Service dated January 16, 2026
- Indicated resource of 1,438,500 oz gold at 9.47 g/t; Inferred 515,700 oz at 8.85 g/t
- Additional indicated silver resource of 891,600 oz at 5.86 g/t; inferred 390,600 oz at 7.33 g/t
- PEA after-tax NPV5 of US$721m and IRR of 56% at US$3,200/oz gold
- PEA upside case after-tax NPV5 of US$1,557m and IRR of 91% at US$5,000/oz gold
- Small-footprint underground mine concept with offsite processing and no onsite tailings facility
Negative
- None.
News Market Reaction – GPTRF
In the Jun 17 session, GPTRF gained 10.26%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC / ACCESS Newswire / June 17, 2026 / Grande Portage Resources Ltd. (TSXV:GPG)(OTCQX:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") is pleased to announce the commencement of the Company's 2026 drilling program at the New Amalga Gold property near Juneau, Alaska.
The program planned for 2026 includes up to 4,300 meters of diamond drilling from up to 14 drillholes as well as installation of downhole instrumentation. The drillholes will provide additional definition to upgrade resource classification in key areas of the deposit and will characterize the geotechnical and hydrogeological aspects of the rock mass to gather data necessary for the environmental review and permitting process as well as to inform mine development plans.
The geotechnical and hydrogeological characterization work will include:
Detailed geotechnical logging to define the rock conditions in areas of key underground infrastructure
Installation of piezometers in select drillholes to measure groundwater levels and pressures
Packer testing, which involves pumping pressurized water into a drillhole to determine the hydraulic conductivity or permeability of the rock structures intersected by the hole
Groundwater sampling and chemical analysis to assess baseline groundwater quality
The 2026 program is being conducted under a Plan of Operations approved by the US Forest Service on January 16, 2026 and utilizes several industry-leading contractors including:
SRK Consulting Inc, overseeing the hydrogeological testwork and geotechnical assessments, plus subsequent development of a hydrogeological model to determine the expected level of groundwater inflows into the mine workings.
Timberline Drilling Inc, providing core drilling services with extensive experience in Southeast Alaska including at other Juneau-area mining operations.
Piton Exploration LLC, based in Palmer, Alaska, providing exploration support services including drill pad construction and core logging.
Coastal Helicopters Inc, based in Juneau, Alaska, providing helicopter transportation and logistics services.
Ian Klassen, President and CEO comments: "We are pleased to announce the mobilization of a premier team of contracting partners the 2026 drilling campaign, including prominent Alaska-based firms. The launch of this year's program marks a key milestone for the New Amalga project, signaling the drilling program's transition from pure exploration into strategic development planning.
This year's program is strategically engineered to secure critical geotechnical and hydrogeological datasets in addition to expanding resource definition data for the high-grade New Amalga deposit. This information will be essential for advancing the mine facilities design as well as to inform the environmental review and permitting process, enabling the project to progress through the regulatory milestones required before development."
Project Summary:
The New Amalga Gold Project is located only 25km from Alaska's capital city of Juneau and 6km from paved highway. The resource remains open to expansion in multiple directions and hosts an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes) and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes).
The current development concept, as described in the Preliminary Economic Assessment (PEA) study with an effective date of February 11, 2026, envisions a small-footprint underground mining operation which would transport material offsite for processing by a third party, eliminating the need for an onsite gold recovery plant or tailings storage facility.
This setup is designed to provide several benefits:
Eliminates the need to build a gold recovery plant, minimizing mine footprint, power requirements and reducing project construction CAPEX.
Eliminates the need to develop a tailings disposal facility at the site, as no tailings would be generated.
Removes the need for permanent waste rock storage facilities. Waste rock generated from mine development would be returned to the underground workings as stope backfill.
No use of chemical reagents for gold processing at the site.
Dramatically reduces land usage and overall environmental footprint.
Greatly facilitates post-mining closure and reclamation.
Simplifies the environmental review and permitting process.
Project Highlights:
A
100% interest in the New Amalga Gold Project, located near infrastructure only 25km north of Juneau, Alaska and 6km from paved all-season highway (Fig. 2)Excellent economics demonstrated by NI43-101 Preliminary Economic Assessment (with an effective date of February 11, 2026):
At Base Case of US
$3,200 /oz gold price: after-tax NPV5 of US$721m , after-tax IRR of56% At upside case of US
$5,000 /oz gold price: after-tax NPV5 of US$1,557m , after-tax IRR of91%
The property is host to at least 8 large, long, gold bearing mesothermal veins
240 drill holes from 55 platforms totaling ~65,000 m confirm a large gold-quartz system
Past drilling produced multi-ounce assays on several veins. Select samples include:
Deep Trench Vein: 15.3m grading 37.1 g/t Au, 8.3m grading 58.6 g/t Au, 11.6m grading 28.3 g/t Au
Goat Vein: 2.1m grading 74.2 g/t Au, 6.3m grading 15.7 g/t Au
Main Vein: 3.1m grading 79.2 g/t Au, 2.1m grading 37.2 g/t Au, 3.1m grading 13.9 g/t Au
Ridge Vein: 1.5m grading 43.0 g/t Au, 1.5m grading 29.2 g/t Au
Sleeping Giant Vein: 2.1m grading 15.4 g/t Au, 3.2m grading 20.7 g/t Au
See Fig. 1 below for approximate locations of selected intercepts.
The Company's updated NI43-101 Mineral Resource Estimate (MRE) with an effective date of July 17, 2024 reported an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes).
The deposit is open to the north, south and at depth.
Goat vein surface outcrop channel samples assayed 129.02 g/t gold (3.76 opt) and 290 g/t gold (8.46 opt) with 224 g/t silver (6.53 opt)
LiDAR survey of property discovered numerous targets - the first of these tested confirmed gold discovery
Received excellent metallurgical recoveries up to
98.2% Completed 6+ years of environmental baseline water sampling
Current development strategy envisions a small-footprint underground mining operation with third-party offsite processing, eliminating the need for an onsite mill or tailings storage facility. This configuration reduces capital costs, greatly minimizes the project's environmental footprint, and facilitates permitting.
LOI signed with Goldbelt Inc (an Alaska Native Corporationorganized under the Alaska Native Claims Settlement Act) for development of an ore export terminal at Cascade Point, Goldbelt's privately held parcel located only 22km from the project site.
Fig. 1: Approximate Locations of Selected Intercepts
Fig. 2: Location of the New Amalga Gold Project
Kyle Mehalek, P.E.., is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Mr. Mehalek is independent of Grande Portage within the meaning of NI 43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on advancing the New Amalga Mine project, the outgrowth of the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a
The Company's updated NI#43-101 Mineral Resource Estimate (MRE) reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes). The MRE was prepared by Dr. David R. Webb, Ph.D., P.Geol., P.Eng. (DRW Geological Consultants Ltd.) with an effective date of July 17, 2024.
ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Please note that under National Instrument 43-101, the Company is required to disclose that it has not based any production decision on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically production decisions made without such reports have increased uncertainty and higher technical and economic risks of failure. These risks include, among others, areas that are analyzed in more detail in a feasibility study or preliminary economic assessment, such as the application of economic analysis to mineral resources, more detailed metallurgical and other specialized studies in areas such as mining and recovery methods, market analysis, and environmental, social, and community impacts. Any decision to place the New Amalga Mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations would be largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
SOURCE: Grande Portage Resources Limited
View the original press release on ACCESS Newswire